China’s house sales slump in December, full-year 2023 sales also down
by ChemOrbis Editorial Team - content@chemorbis.com
According to preliminary data from China Real Estate Information Corp., the country’s home sales by the 100 biggest real estate developers decreased by 34.6% in December from a year earlier to CNY451.3 billion ($64 billion).
House sales were up by 15.7% from November, while total house sales for 2023 declined by 16.5% compared to 2022. The figure fell short of the institution’s previous expectations of a 15% decline.
The ongoing slump in the country’s real estate sector has weakened the economy further while authorities have been trying to ease the sector by introducing policy changes, as industry players put it.
House sales were up by 15.7% from November, while total house sales for 2023 declined by 16.5% compared to 2022. The figure fell short of the institution’s previous expectations of a 15% decline.
The ongoing slump in the country’s real estate sector has weakened the economy further while authorities have been trying to ease the sector by introducing policy changes, as industry players put it.
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